Casino - comment

Months after Casino failed to pay its coupon in July, it appears that the CDS has been triggered, and in time for the September contract to pay out.  The Credit Derivatives Determinations Committee ruled on yesterday that a credit event had occurred, triggering the contracts. All 12 members on the panel supported the ruling, according to a notice on the CDDC’s website.

This is an ideal situation for us to suspend coverage of Casino.  We will watch from afar the next couple of weeks, but feel our time will be best placed covering other more active names.